SCT&E LNG Inc. has signed a non-binding Memorandum of Understanding (MoU) for the sale of 1 million tpy of LNG from its proposed export facility, which is to be constructed on Monkey Island in Cameron Parish, Louisiana, US.
SCT&E LNG said that the multi-billion dollar agreement was signed with one of Asia’s largest utility/power generation companies. The agreement allows for a future equity investment into the SCT&E LNG liquefaction terminal.
This agreement, combined with two MoUs signed in 2015, brings SCT&E LNG’s total offtake agreements to 2.7 million tpy.
Chairman and CEO of SCT&E LNG, Greg Michaels, said: “SCT&E LNG has pursued this investment grade offtaker for a significant period of time and has competed against other liquefaction projects globally for the business. Our commitment to a proven business model, which includes our selection of the world’s No. 1 liquefaction technology and a competitive EPC bid contracting strategy, resonates with the LNG offtake community. In addition, the outstanding location of this infrastructure project is a huge factor for offtakers when deciding who will produce LNG most efficiently from the US.”
Eric Smith, Executive Director of Business Development, adds: “Over the last several months, SCT&E LNG has made a number of bankable business decisions. We have selected our LNG licensed technology, kicked off additional engineering, and finalised our LNG liquefaction train sizes. Our sales and marketing strategy has garnered the attention of the world’s most experienced LNG buyers.”
SCT&E LNG also confirmed that it is in discussions with a number of offtakers globally and expects to announce more contracts soon.
The June 2015 issue of LNG Industry, featured an article from SCT&E LNG, describing its project in greater detail. The LNG export project is currently scheduled to produce a total of 12 million tpy of LNG with shipments beginning in 2022.
Edited from press release by Callum O'Reilly
Read the article online at: https://www.lngindustry.com/liquefaction/11022016/sct-and-e-lng-signs-third-offtake-mou-1989/